119-HR2748
First Time Homeowner Savings Plan Act
Last action was on 4-8-2025
SenateCurrent status is Referred to the House Committee on Ways and Means.
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119th CONGRESS
1st Session
H. R. 2748
1. Short title2. Increase in limitation on penalty-free first-time homebuyer distributions1. Short title
This Act may be cited as the "First Time Homeowner Savings Plan Act".
2. Increase in limitation on penalty-free first-time homebuyer distributions
(a) In general - Section 72(t)(8)(B)(i) of the Internal Revenue Code of 1986 is amended by striking "$10,000" and inserting "$25,000".
(b) Inflation adjustment - Section 72(t)(8) of such Code is amended by adding at the end the following new subparagraph:
(G) Inflation adjustment - In the case of any taxable year beginning in a calendar year after 2026, the $25,000 amount in subparagraph (B)(i) shall be increased by an amount equal to—
(i) - such dollar amount, multiplied by
(ii) - the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting "calendar year 2025" for "calendar year 2016" in subparagraph (A)(ii) thereof.
(c) Effective date - The amendments made by this section shall apply to distributions made December 31, 2025, in taxable years ending after such date.